Penny loafers originated in the 1930's and were modeled after the shoes of dairy farmers, which were leather with straps across the front.
The Spaulding family from New Hampshire made an American version of the shoe, and called them "loafers" after the cows who loafed around the milking area.
Six years later, shoe manufacturer G.H. Bass & Co. put a stylish spin on the utilitarian shoe by calling it the Weejun, and adding the now-iconic strap detail with slots for pennies so that the wearer always had money to make a phone-booth call.
Penny loafers will always be known as an exceptionally sturdy slip-on. Bass Shoes & Co. is still dedicated to making them with the same bench-crafted and hand-stitched material that made the shoes so comfortable in the first place.
Today, many other famous brands -- Ralph Lauren, Ermenegildo Zegna and Allen-Edmonds have followed suit, making sure that quality control remains at the forefront.
Penny loafers came to college campuses in the 1950's and 1960's and quickly became a fashion trend. Today it's the genuine leather insoles, comfortable linings and cool colors that make people step up and pay anywhere from $50 to $500 a pair.
Do you have a pair of loafers?